The Ministry of Industry, Trade, and Investment has instructed applicants of the Presidential Conditional Grant Scheme to provide their National Identification Numbers as a necessary requirement to access a grant aimed at mitigating the impact of recent economic reforms on businesses in the country.
Through the Bank of Industry, the government had announced its intention to disburse three categories of funding totalling N200bn to support manufacturers and businesses nationwide.
Based on the new regulations from the Central Bank of Nigeria, it was mentioned that the new rule requires Nigerians to link their National Identification Numbers with their bank accounts.
Doris Aniete, the trade minister, issued the new directive in a post on her official X (formerly Twitter) on Sunday.
The post titled detailed that all applicants are set to receive an SMS from ‘FGGRANTLOAN’ guiding them to submit the information via a secure link, stressing the necessity of this step for the application process to continue.
It is emphasized that only verified applicants will receive this notification, and the process will proceed only if the NINs match the applicant’s name.
In a nationwide address in August 2023, President Bola Tinubu announced a grant for manufacturers and small businesses, but this latest development marks another delay in its disbursement.
The president emphasized in the address his determination to bolster the manufacturing sector, enhance its capacity for growth, and generate high-paying jobs.
He stated that between July 2023 and March 2024, his administration will spend N75bn to support 75 enterprises with great potential to kick-start sustainable economic growth, accelerate structural transformation, and improve productivity.
He also highlighted that each of the 75 manufacturing enterprises will be eligible for N1bn credit at 9% interest rate per annum, with a maximum repayment period of 60 months for long-term loans and 12 months for working capital.
Despite several promises by the minister, the programme domiciled under the Trade Ministry and executed by the Bank of Industry is yet to reach a significant stage eight months later.
Last December, potential beneficiaries voiced their uncertainty about the reasons behind the delayed disbursement of funds.
